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I corps e245 syllabus rev 18

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I-­Corps	
  245:	
  The	
  Lean	
  Launch	
  Pad	
  
	
  
Course	
  Title:	
  	
  	
           The	
  Lean	
  Launch	
  Pa...
Amount	
  of	
  Work	
  
Getting	
  out	
  of	
  the	
  lab/building	
  is	
  what	
  the	
  effort	
  is	
  about.	
  	
 ...
their	
  business	
  model	
  assumptions.	
  This	
  is	
  a	
  team	
  effort.	
  	
  It	
  is	
  the	
  heart	
  of	
  ...
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I corps e245 syllabus rev 18

  1. 1. I-­Corps  245:  The  Lean  Launch  Pad     Course  Title:       The  Lean  Launch  Pad   Instructors:       Steve  Blank,  Jon  Feiber  John  Burke,     Co-­Instructors:   Alexander  Osterwalder,  Oren  Jacob,  Tina  Seelig   TA’s:       Thomas  Haymore,    Stephanie  Rose  Glass     Days  and  Times:      Oct  10-­‐12th     at  Stanford  University  (Classes  1,  2  and  3)      Oct  18  –  Nov  15th    Five  video  lectures  at  your  school  (Classes  4  –  9)         broadcast  Tuesdays  9am  –noon  PST      Dec  13  -­‐14 th     at  Stanford  University  –  “Lessons  Learned”  pitches       Workshops:    Getting  out  of  the  building,  Customer  Discovery,  Presentations   Takeaway:       “Commercialization  Potential”  scorecard     Webpage:      http://i245.stanford.edu   Texts:     Business  Model  Generation      -­‐  Alexander  Osterwalder       Four  Steps  to  the  Epiphany    -­‐  Steve  Blank         This  curriculum  requires  in  depth  preparation  and  significant  effort  outside  of  the  lab.     Read  http://steveblank.com/category/lean-­‐launchpad/  from  the  bottom  up  to  get  an  idea.   See  http://www.slideshare.net/sblank/tag/stanford  for  final  team  presentations.     Prerequisites:  1)  Attend  as  a  team  consisting  of  Entrepreneurial  Lead,  Commercialization   Mentor  and  Principal  Investigator.  2)  Each  team  member  must  commit  to  class  time  plus  15   additional  hours  a  week  for  Customer  Discovery.     Goals:  1)  Give  the  I-­‐Corps  team  an  experiential  learning  opportunity  to  help  determine  the   commercial  readiness  of  their  technology.    2)  Enable  the  team  to  develop  a  clear  go/no  go   decision  regarding  commercial  viability  of  the  effort,  3)  Should  the  decision  be  to  move  the   technology  forward  to  market,  develop  a  transition  plan  to  do  so.       Curriculum  Description:  This  curriculum  provides  real  world,  hands-­‐on  learning  on  what  it’s   like  to  successfully  transfer  knowledge  into  products  and  processes  that  benefit  society  .  It’s  not   about  how  to  write  a  research  paper,  business  plan  or  NSF  grant.  It’s  not  an  exercise  on  how   smart  you  are  in  a  lab  or  a  classroom,  or  how  well  you  use  the  research  library.  The  end  result  is   not  a  paper  to  be  published  or  PowerPoint  slide  deck. Instead  the  entire  team  will  be  engaged  with   industry;  talking  to  customers,  partners  and  competitors,  as  the  team  encounters  the  chaos  and   uncertainty  of  transferring  knowledge  into  products  and  processes  that  benefit  society.       I-­‐Corps  E245  Syllabus     Revision  18   page    1  of  1  
  2. 2. Amount  of  Work   Getting  out  of  the  lab/building  is  what  the  effort  is  about.    It’s  not  about  the  lectures.  You  will  be   spending  a  significant  amount  of  time  in  between  each  of  the  lectures  outside  your  lab  talking  to   customers.    If  you  can’t  commit  the  time  to  talk  to  customers,  the  I-­‐Corps  effort  is  not  for  you.   Class  Culture   Startups  communicate  much  differently  than  inside  a  university  and  lab.  It  is  dramatically   different  from  the  university  culture  most  of  you  are  familiar  with.  Given  your  stature  inside  your   institution,  at  times  it  can  feel  brusque  and  impersonal,  but  in  reality  is  focused  and  oriented  to   create  immediate  action  in  time-­‐  and  cash-­‐constrained  environments.  We  have  limited  time  and   we  push,  challenge,  and  question  you  in  the  hope  you  will  quickly  learn.    We  will  be  direct,  open,   and  tough  –  just  like  the  real  world.    We  hope  you  can  recognize  that  these  comments  aren’t   personal,  but  part  of  the  process.     We  also  expect  you  to  question  us,  challenge  our  point  of  view  if  you  disagree,  and  engage  in  a   real  dialog  with  the  teaching  team.      This  approach  may  seem  harsh  or  abrupt,  but  it  is  all  part  of   our  wanting  you  to  learn  to  challenge  yourselves  quickly  and  objectively,  and  to  appreciate  that   as  entrepreneurs  you  need  to  learn  and  evolve  faster  than  you  ever  imagined  possible.     Teams   You’ll  work  in  teams  learning  how  to  turn  your  research  and  technology  idea  into  a  product,   service  or  process  that  benefits  society.  You’ll  learn  how  to  use  a  business  model  to  brainstorm  each   part  of  an  enterprise  and  customer  development  to  get  out  of  the  lab/building  to  see  whether   anyone  other  than  you  would  want/use  your  product.  Finally,  you’ll  see  how  agile  development   can  help  you  rapidly  iterate  your  product  to  build  something  potential  customers  will  use  and   buy.    Each  week  will  be  new  adventure  as  you  test  each  part  of  your  business  model  and  then   share  the  hard  earned  knowledge  with  the  rest  of  the  class.  Working  with  your  team  you  will   encounter  issues  on  how  to  build  and  work  with  a  team  and  we  will  help  you  understand  how  to   build  and  manage  the  startup  team.   See  http://steveblank.com/category/lean-­‐launchpad/  for  a  narrative  of  the  class.   Class  Organization:     I-­Corps  Workshop:   The  class  starts  with  entire  I-­‐Corps  team  (Entrepreneurial  Lead,  I-­‐Corps  Mentor  &  PI)  at   Stanford,  Oct  10-­‐12  for  the  first  lectures.     Post  Workshop,  Out  of  the  Building  Effort   When  I-­‐Corps  teams  return  to  their  institutions,  they  will  be  required  to  get  out  of  the  lab  to  test   I-­‐Corps  E245  Syllabus     Revision  18   page    2  of  2  
  3. 3. their  business  model  assumptions.  This  is  a  team  effort.    It  is  the  heart  of  the  class.     Post  Workshop,  Online  Curriculum:   The  instructors  will  run  five  weekly  on-­‐line  lectures,  Oct  18  –  Nov  15th  that  will  guide  the  teams   search  and  testing  their  business  model  canvas  hypotheses.     Weekly  Presentations  and  Progress  Tracking   Each  team  will  present  a  10-­‐minute  weekly  progress  report.  This  is  how  we  monitor  your   progress  and  give  you  guidance.     Weekly  Blog  Tracking     Teams  will  record  their  progress  basis  using  a  Wiki.  This  is  also  how  we  monitor  your  progress.     I-­Corps  “Lessons  Learned”  Presentations  The  entire  I-­‐Corps  team  (Entrepreneurial  Lead,  I-­‐Corps   Mentor  and  Principal  Investigator)  will  return  to  Stanford,  Dec  12  –  13th.    There  the  teams  will   present  to  the  teaching  team  and  Venture  Capitalists  the  Lessons  Learned  in  their  exploration  of   commercial  feasibility.     Team  Organization:  This  class  is  team-­based.    Working  and  studying  will  be  done  in  teams.      The   teams  will  self-­‐organize  and  establish  individual  roles  on  their  own.  There  are  no  formal   CEO/VP’s.  All  three  members  of  the  team;  Entrepreneurial  Lead,  Commercialization  Mentor  and   Principal  Investigator  must  participate  in  all  out  of  the  building  customer  discovery  activities.   Deliverables:     1)  if  you’re  a  physical  product  you  must  show  us  a  costed  bill  of  materials  and  a  prototype  or   proof  demonstration.  If  you’re  a  web  product  you  need  to  build  it  and  have  customers  using  it.     2)  Your  weekly  blog  is  an  integral  part  of  your  deliverables.  It’s  how  the  team’s  progress  is   measured  (along  with  the  “Lessons  Learned”  presentations.)   Takeaways:  A  “commercialization  potential”  scorecard       At  the  end  of  the  course,  each  team  will  be  provided  feedback  in  the  form  of  a  scorecard  on  the   potential  for  commercializing  their  research  and  innovation.    This  scorecard  will  provide  feedback   to  the  team  about:  gaps  in  the  business  model,  team,  product  that  remain,  and  provide  specific   suggestions  for  how  to  improve  and  fix  them.     I-­‐Corps  E245  Syllabus     Revision  18   page    3  of  3  
  4. 4. Class  Roadmap     Each  week’s  class  is  organized  around:     • A  lecture  on  one  of  the  9  building  blocks  of  a  business  model  (see  diagram  below,  taken   from  Business  Model  Generation).     • Team  presentations  on  their  “lessons  learned”  from  getting  out  of  the  building  and   iterating  or  pivoting  their  business  model.   • Each  team  will  capture  their  progression  in  Customer  Discovery  by  keeping  an  on-­‐line   journals/blogs/wiki.         Test Hypotheses: Test Agile • Demand Hypotheses: Development Test Hypotheses: Creation   • Problem   • Product   Test • Customer   Hypotheses: • Market Type   • User   • Channel   • Competitive   • Payer   • (Customer)   • (Problem)   Customer Development Test Hypotheses: Team • Channel   Test Hypotheses: Test Hypotheses: • Size of Opportunity/Market   • Pricing Model / Pricing   • Validate Business Model       “Genius  is  the  ability  to  make  the  most  mistakes  in  the  shortest  amount  of  time.”    Aspiring   entrepreneurs  need  to  become  fast  iterators.   I-­‐Corps  E245  Syllabus     Revision  18   page    4  of  4  
  5. 5.   Pre-­reading   For  1st  Class:    Read  pages  1-­51  of  Business  Model  Generation.           Sunday     Oct  9th  7pm  –  9pm     Mixer   K&S  Ranch             Monday       Oct  10th  8  -­‐  9am     Breakfast         Location:     Mackenzie  Room,  Huang  Engineering  Center           Monday   Oct  10th  9  -­9:30  am     Class  Introduction:    Teaching  Team     Location:     Mackenzie  Room,  Huang  Engineering  Center   • Team  Introduction   • Class  Goals   • Teaching  Philosophy   • Expectations  of  You           Monday   Oct  10th  9:30  –  10:30  am     Panel:   Scientist  and  Engineers  as  Founders  and  Entrepreneurs     Panelists:     Kevin  Dewalt  Founder  ClaimAway, Jason  Lohn  co-­‐Founder,  CEO  of  X5   Systems,  Dave  Merrill  Founder,  CTO  of  Sifteo,  Kumar  Goswami   Location:     Mackenzie  Room,  Huang  Engineering  Center   • Why  did  we  do  a  startup?   • What  did  we  think  it  was  going  to  be  like?   • What  was  it  really  like?   • What  do  we  wish  we  knew?   • What  you  should  get  out  of  this  class?           Monday   Oct  10th  10:30am    -­‐1:00pm     Class  1:              Business  Model/Customer  Development         Steve  Blank/Jon  Feiber/Alexander  Osterwalder/John  Burke/Teaching  Team   Location:        Mackenzie  Room,  Huang  Engineering  Center     Class  Lecture:  The  Business  Model   What’s  a  business  model?  What  are  the  9  parts  of  a  business  model?    What  are  hypotheses?  What   is  the  Minimum  Feature  Set?  What  experiments  are  needed  to  run  to  test  business  model   hypotheses?      What’s  “getting  out  of  the  building?”  What  is  market  size?  How  to  determine   whether  a  business  model  is  worth  doing?     Read:     • Business  Model  Generation,  pp.  118-­‐119,  135-­‐145,  skim  examples  pp.  56-­‐117   • Four  Steps  to  the  Epiphany  Chapters  1-­‐2   I-­‐Corps  E245  Syllabus     Revision  18   page    5  of  5  
  6. 6. • Steve  Blank,  “What’s  a  Startup?  First  Principles,”   http://steveblank.com/2010/01/25/whats-­‐a-­‐startup-­‐first-­‐principles/   • Steve  Blank,  “Make  No  Little  Plans  –  Defining  the  Scalable  Startup,”   http://steveblank.com/2010/01/04/make-­‐no-­‐little-­‐plans-­‐–-­‐defining-­‐the-­‐scalable-­‐ startup/   • Steve  Blank,  “A  Startup  is  Not  a  Smaller  Version  of  a  Large  Company”,   http://steveblank.com/2010/01/14/a-­‐startup-­‐is-­‐not-­‐a-­‐smaller-­‐version-­‐of-­‐a-­‐large-­‐ company/   Team  Deliverable  for  tomorrow  Oct  11th     • All  teams  to  present  their  first  business  model  canvas  hypotheses  for  each  of  the  9  parts  of   the  business  model.       • Come  up  with  ways  to  test  each  of  the  hypotheses:   o is  the  business  worth  pursuing  (market  size)   • Come  up  with  what  constitutes  a  pass/fail  signal  for  the  test  (e.g.  at  what  point  would  you   say  that  your  hypotheses  wasn’t  even  close  to  correct)?   • Find  a  name  for  your  team.   • Start  your  blog/wiki/journal           Monday     Oct  10th  1  -­‐  2pm     Lunch   Location:     Tressider  Cafeteria               Monday     Oct  10th  2  -­‐  3pm  –  4pm   Workshop:  LaunchLab  Tutorial   Ben  Mappen     Location:     Mackenzie  Room,  Huang  Engineering  Center   • How  to  use  the  Lean  LaunchLab  to  blog  your  progress.           Monday     Oct  10th  4  –  5pm   Workshop:  Mentor  Tutorial   Teaching  Team     Location:     Mackenzie  Room,  Huang  Engineering  Center   • The  role  of  Mentors  in  the  Lean  Launchpad  Process           Monday   Oct  10th  5:30  -­‐6:30pm   Workshop:  Unleashing  Creativity   Tina  Seelig    -­‐  Professor     Location:     Mackenzie  Room,  Huang  Engineering  Center   • brainstorming  the  business  model.           Monday   Oct  10th  6:30  pm   Dinner     Location:     Mackenzie  Room,  Huang  Engineering  Center   I-­‐Corps  E245  Syllabus     Revision  18   page    6  of  6  
  7. 7. Tuesday  Oct  11th     Tuesday   Oct  11th  8  -­‐  9am   Breakfast       Location:     Mackenzie  Room,  Huang  Engineering  Center             Tuesday   Oct  11th    9am    -­‐  1pm         Class  2:     Value  Proposition     Steve  Blank/Jon  Feiber/Teaching  Team   Location:     Mackenzie  Room,  Huang  Engineering  Center     Team  Presentation  for  Today:  10  minutes  each  (all  teams)   • What  are  your  9  Business  Model  Canvas  hypotheses?   • How  will  you  test  them?     Class  Lecture:  Value  Proposition   What  is  your  product  or  service?  How  does  it  differ  from  an  idea?  Why  will  people  want  it?  Who’s   the  competition  and  how  does  your  customer  view  these  competitive  offerings?  Where’s  the   market?  What’s  the  minimum  feature  set?    What’s  the  Market  Type?    What  was  your  inspiration   or  impetus?    What  assumptions  drove  you  to  this?    What  unique  insight  do  you  have  into  the   market  dynamics  or  into  a  technological  shift  that  makes  this  a  fresh  opportunity?       Deliverable  for  Oct  12th  and  Oct  18th   Value  Proposition:     • Market  Size  estimates  (TAM,  SAM,  addressable.)  How  big  is  the  opportunity?   • What  were  your  value  proposition  hypotheses?     • What  did  potential  customers  think  about  your  value  proposition  hypotheses?   o Get  out  of  the  building  and  begin  to  talk  to  customers  for  Oct  12th     o Talk  to  10-­‐15  customers  more  by  Oct  18th     o Follow-­‐up  with  Survey  Monkey  (or  similar  service)  to  get  more  data   • Submit  interview  notes,  present  results  in  class.   • Update  your  blog/wiki/journal  with  progress  customers  and  value  prop     Read:     • Business  Model  Generation,  pp.  161-­‐168  and  226-­‐231   • Four  Steps  to  the  Epiphany,  pp.  30-­‐42,  65-­‐72  and  219-­‐223             Tuesday     Oct  11th  1-­‐2pm   Lunch   Location:     Tressider  Cafeteria       I-­‐Corps  E245  Syllabus     Revision  18   page    7  of  7  
  8. 8.             Tuesday   Oct  11th  6  -­‐  7pm   Dinner     Location:  Mackenzie  Room,  Huang  Engineering  Center             Tuesday   Oct  11th  7  -­‐  8pm   Workshop:  How  to  Get  out  of  the  Building  while  Protecting  My  IP   Location:     Mackenzie  Room,  Huang  Engineering  Center   • Team  coaching  on  how  to  “get  out  of  the  building”  for  Customer  Discovery.   • Expectations,  speed,  tempo,  logistics,  commitments.   • How  do  I  protect  my  IP  when  I  speak  to  partners   • Does  Lean  work  for  non-­‐software  efforts   • How  do  I  interview”   • How  is  an  interview  different  than  a  sales  call               I-­‐Corps  E245  Syllabus     Revision  18   page    8  of  8  
  9. 9.   Wednesday  Oct  12th     Wednesday   Oct  12th  8am  –  9am     Breakfast         Location:       Li  Ka  Shing  Building       Wednesday   Oct  12th  9am      -­‐  1pm               Class  3:       Customers/Users/Payers     Steve  Blank/Jon  Feiber/Teaching  Team   Location:       Li  Ka  Shing  Building     Team  Presentation  for  Today:  10  minutes  each  (all  teams)   • What  did  you  learn  about  your  value  proposition  from  talking  to  your  first  customers?   • Update  Business  Model  Canvas  (show  original,  then  show  what  you  changed  in  new  slide  with   changes  in  Red.)  focus  on  customer  segment  and  value  proposition   • Here’s  What  we  Thought   • So  Here’s  What  we  Did   • So  Here’s  What  we  Found   • So  Here’s  What  we  Are  Going  to  Do     Class  Lecture:  Customers/Users/Payers   Who’s  the  customer?  User?  Payer?    How  are  they  different?  Why  do  they  buy?  How  can  you  reach   them?  How  is  a  business  customer  different  from  a  consumer?    What’s  a  multi-­‐sided  market?   What’s  segmentation?    What’s  an  archetype?     Read:       • Business  Model  Generation,  pp.  127-­‐133   • Four  Steps  to  the  Epiphany,  pp.  43-­‐49,  78-­‐87  224-­‐225,  and  242-­‐248   • Giff  Constable,  “12  Tips  for  Early  Customer  Development  Interviews,”   http://giffconstable.com/2010/07/12-­‐tips-­‐for-­‐early-­‐customer-­‐development-­‐interviews/     Deliverable  for  Oct  18th       • Get  out  of  the  building  and  talk  to  10-­‐15  customers  face-­‐to-­‐face   I-­‐Corps  E245  Syllabus     Revision  18   page    9  of  9  
  10. 10. • What  were  your  hypotheses  about  who  your  users  and  customers  were?  Did  you  learn   anything  different?       • Did  anything  change  about  Value  Proposition?       • What  do  customers  say  their  problems  are?  How  do  they  solve  this  problem(s)  today?   Does  your  value  proposition  solve  it?  How?   • What  was  it  about  your  product  that  made  customers  interested?  excited?   • If  your  customer  is  part  of  a  company,  who  is  the  decision  maker,  how  large  is  their   budget,  what  are  they  spending  it  on  today,  and  how  are  they  individually  evaluated   within  that  organization,  and  how  will  this  buying  decision  be  made?   • Update  your  blog/wiki/journal       Wednesday     Oct  12th  1  –  1:30  pm     Panel:   Scientist  and  Engineers  as  Founders  and  Entrepreneurs     Panelists:   Ari  Tuchman  CEO  at  Quantifind  and  Mohit  Lad       Story  of  Ari  Tuchman,  a  physicist  turned  entrepreneur/CEO  at  Quantifind.         Wednesday     Oct  12th  2  -­‐  3pm     Workshop:     Video  Setup     Preflight  and  checkout  of  your  computer  for  use  in  remote  lectures.    Configuration  of  hardware   and  software.    How  to  present  your  slides  and  set  up  video,  etc.     I-­‐Corps  E245  Syllabus     Revision  18   page    10  of  10  
  11. 11.   October  18th     Tuesday   Oct  18th  9am      -­‐  1pm      PST         Class  4:     Distribution  Channels   Steve  Blank/Jon  Feiber/Teaching  Team   Location:     Video  lecture  at  your  University         Team  Presentation  for  Today:  10  minutes  each  (all  teams)   • Update  Business  Model  Canvas  (show  original,  then  show  what  you  changed  in  new  slide   with  changes  in  Red.)     • Here’s  What  we  Thought   • So  Here’s  What  we  Did   • So  Here’s  What  we  Found   • So  Here’s  What  we  Are  Going  to  Do     Class  Lecture:    Distribution  Channels   What’s  a  channel?    Physical  versus  virtual  channels.  Direct  channels,  indirect  channels,  OEM.   Multi-­‐sided  markets.    B-­‐to-­‐B  versus  B-­‐to-­‐C  channels  and  sales  (business  to  business  versus   business  to  consumer)     Read:  Four  Steps  to  the  Epiphany,  pp.  50-­‐51,  91-­‐94,  226-­‐227,  256,  267     Deliverable  for  Oct  25th     • Get  out  of  the  building  and  talk  to  10-­‐15  potential  channel  partners  face-­‐to-­‐face   (Salesmen,  OEM’s  distributors,  etc.)   • What  were  your  hypotheses  about  who/what  your  channel  would  be?  Did  you  learn   anything  different?       • Did  anything  change  about  Value  Proposition?       • Update  your  blog/wiki/journal         I-­‐Corps  E245  Syllabus     Revision  18   page    11  of  11  
  12. 12.   October  25th     Tuesday   Oct  25th  9am  -­‐  1pm      PST         Class  5:     Customer  Relationships   Steve  Blank/Jon  Feiber/Teaching  Team   Location:     Video  lecture  at  your  University       Team  Presentation  for  Today:     • Update  Business  Model  Canvas  (show  original,  then  show  what  you  changed  in  new  slide   with  changes  in  Red.)     • Here’s  What  we  Thought   • So  Here’s  What  we  Did   • So  Here’s  What  we  Found   • So  Here’s  What  we  Are  Going  to  Do     Class  Lecture:  Customer  Relationships/  Demand  Creation   How  do  you  create  end  user  demand?  How  does  it  differ  on  the  web  versus  other  channels?       Evangelism  vs.  existing  need  or  category?  General  Marketing,  Sales  Funnel,  etc.  How  does   demand  creation  differ  in  a  multi-­‐sided  market?     Read:     • Four  Steps  to  the  Epiphany,  pp.  52-­‐53,  120-­‐125  and  228-­‐229     • Dave  McClure,  “Startup  Metrics  for  Pirates”,   http://www.slideshare.net/dmc500hats/startup-­‐metrics-­‐for-­‐pirates-­‐seedcamp-­‐2008-­‐ presentation   • Watch:  Mark  Pincus,  “Quick  and  Frequent  Product  Testing  and  Assessment”,   http://ecorner.stanford.edu/authorMaterialInfo.html?mid=2313       Team  Deliverable  for  Nov  1st     • For  everyone:     o Present  and  explain  your  marketing  campaign.  What  worked  best  and  why?     • For  web  teams:     o Get  a  working  web  site  and  analytics  up  and  running.  Track  where  your  visitors  are   coming  from  (marketing  campaign,  search  engine,  etc)  and  how  their  behavior   differs.  What  were  your  hypotheses  about  your  web  site  results?     • Actually  engage  in  “search  engine  marketing”  (SEM)  spend  $20  as  a  team  to  test  customer   acquisition  cost   o Ask  your  users  to  take  action,  such  as  signing  up  for  a  newsletter   o use  Google  Analytics  to  measure  the  success  of  your  campaign   o change  messaging  on  site  during  the  block  to  get  costs  lower,  team  that  gets  lowest   delta  costs  wins.       I-­‐Corps  E245  Syllabus     Revision  18   page    12  of  12  
  13. 13. • If  you’re  assuming  virality  of  your  product,  you  will  need  to  show  viral  propagation  of   your  product  and  the  improvement  of  your  viral  coefficient  over  several  experiments.   o Submit  web  data  or  customer  interview  notes,  present  results  in  class.     o Did  anything  change  about  Value  Proposition  or  Customers/Users?     o What  is  your  assumed  customer  lifetime  value?    Are  there  any  proxy  companies   that  would  suggest  that  this  is  a  reasonable  number?       • For  non-­web  teams:     o Get  prototype  demo  working   o build  demand  creation  budget  and  forecast.       o What  is  your  customer  acquisition  cost?   o Did  anything  change  about  Value  Proposition  or  Customers/Users?       o What  is  your  customer  lifetime  value?    Channel  incentives  –  does  your  product  or   proposition  extend  or  replace  existing  revenue  for  the  channel?       o What  is  the  “cost”  of  your  channel,  and  it’s  efficiency  vs.  your  selling  price.       • Everyone:  Update  your  blog/wiki/journal.     o What  kind  of  initial  feedback  did  you  receive  from  your  users?     o What  are  the  entry  barriers?   • Submit  interview  notes,  present  results  in  class.       I-­‐Corps  E245  Syllabus     Revision  18   page    13  of  13  
  14. 14. November  1st       Tuesday   November  1st    9am  -­‐  1pm      PST         Class  6:     Revenue  Models   Steve  Blank/Jon  Feiber/Teaching  Team   Location:     Video  lecture  at  your  University       Team  Presentation  for  Today:     • Update  Business  Model  Canvas  (show  original,  then  show  what  you  changed  in  new  slide   with  changes  in  Red.)     • Here’s  What  we  Thought   • So  Here’s  What  we  Did   • So  Here’s  What  we  Found   • So  Here’s  What  we  Are  Going  to  Do     Class  Lecture:  Revenue  Model   What’s  a  revenue  model?  What  types  of  revenue  streams  are  there?  How  does  it  differ  on  the  web   versus  other  channels?  How  does  this  differ  in  a  multi-­‐sided  market?     Deliverable  for  Nov  8th     What’s  your  revenue  model?       • How  will  you  package  your  product  into  various  offerings  if  you  have  more  than  one?       • How  will  you  price  the  offerings?     • Draw  the  diagram  of  payment  flows   • What  are  the  key  financials  metrics  for  your  business  model?         • Test  pricing  in  front  of  100  customers  on  the  web,  10-­‐15  customers  non-­‐web.     • What  are  the  risks  involved?     • What  are  your  competitors  doing?   • Assemble  a  rough  income  statement  for  the  your  business  model.     • Do  the  “Lifetime  value”  calculation  for  customers.       • Submit  interview  notes,  present  results  in  class.     • Did  anything  change  about  Value  Proposition  or  Customers/Users,  Channel,  Demand   Creation,  Revenue  Model?   • Update  your  blog/wiki/journal     I-­‐Corps  E245  Syllabus     Revision  18   page    14  of  14  
  15. 15.   November  8th       Tuesday   November  8th      9am  -­‐  1pm      PST         Class  7:     Partners   Steve  Blank/Jon  Feiber/Teaching  Team   Location:     Video  lecture  at  your  University       Team  Presentation  for  Today:     • Update  Business  Model  Canvas  (show  original,  then  show  what  you  changed  in  new  slide   with  changes  in  Red.)     • Here’s  What  we  Thought   • So  Here’s  What  we  Did   • So  Here’s  What  we  Found   • So  Here’s  What  we  Are  Going  to  Do     Class  Lecture:  Partners   Who  are  partners?    Strategic  alliances,  competition,  joint  ventures,  buyer  supplier,  licensees.       Deliverable  for  Nov  15th     Action:  What  partners  will  you  need?     • Why  do  you  need  them  and  what  are  risks?     • Why  will  they  partner  with  you?     • What’s  the  cost  of  the  partnership?       • Talk  to  actual  partners.     • What  are  the  benefits  for  an  exclusive  partnership?   • Assemble  an  income  statement  for  the  your  business  model.     • Submit  interview  notes,  present  results  in  class.     • Did  anything  change  about  Value  Proposition  or  Customers/Users,  Channel,  Demand   Creation?       • What  are  the  incentives  and  impediments  for  the  partners?   • Update  your  blog/wiki/journal     I-­‐Corps  E245  Syllabus     Revision  18   page    15  of  15  
  16. 16.     November  15th       Tuesday   November  8th      9am  -­‐  1pm      PST         Class  8:     Key  Resources  &  Costs   Steve  Blank/Jon  Feiber/Teaching  Team   Location:     Video  lecture  at  your  University       Team  Presentation  for  Today:     • Update  Business  Model  Canvas  (show  original,  then  show  what  you  changed  in  new  slide   with  changes  in  Red.)     • Here’s  What  we  Thought   • So  Here’s  What  we  Did   • So  Here’s  What  we  Found   • So  Here’s  What  we  Are  Going  to  Do     Class  Lecture:  Resources  and  Cost  Structure   What  resources  do  you  need  to  build  this  business?    How  many  people?  What  kind?  Any   hardware  or  software  you  need  to  buy?  Any  IP  you  need  to  license?    How  much  money  do  you   need  to  raise?    When?    Why?  Importance  of  cash  flows?  When  do  you  get  paid  vs.  when  do  you   pay  others?       Final  Deliverable  for  December  14th           What’s  your  expense  model?     • Assemble  a  resources  assumptions  spreadsheet.    Include  people,  hardware,  software,   prototypes,  financing,  etc.       • Access  to  resources.  What  is  the  best  place  for  your  business?     • Where  is  your  cash  flow  break-­‐even  point?   • What  are  the  key  financials  metrics  for  costs  in  your  business  model?     • Costs  vs.  ramp  vs.  product  iteration?     • When  will  you  need  these  resources?       • Roll  up  all  the  costs  from  partners,  resources  and  activities  in  a  spreadsheet  by  time.   • Submit  interview  notes,  present  results  in  class.     • Did  anything  change  about  Value  Proposition  or  Customers/Users,  Channel,  Demand   Creation/Partners?       • Update  your  blog/wiki/journal   • Prepare  for  December  13th  and  14th  at  Stanford     o 10  –minute  Team  Lessons  Learned  Presentation   o 1-­2  minute  video       See  http://www.slideshare.net/sblank/tag/stanford  for  sample  final  team  presentations.     I-­‐Corps  E245  Syllabus     Revision  18   page    16  of  16  
  17. 17.   10   Dec  13th     at  Stanford       Rehearsal  Day   Mackenzie  Room,  Huang  Engineering  Center       9:00-­‐10:00am     Presentation  and  Video  Workshop      Oren  Jacob     We'll    talk  through  some  example  slides  and  presentations  from  previous  groups,  we'll  discuss   the  basic  format  we're  asking  you  to  follow  and  the  reason(s)  why,  and  then  we'll  get  to  work             10:00  –  noon     Presentation  and  Video  Q&A                     Oren  Jacob     The  next  few  hours  are  lab  time  where  we’ll  working  with  you  all  on  an  ad  hoc  basis,  walking   around,  talking  about  where  you  are,  what  you're  working  on,  answering  questions,  and   encouraging  you  all  as  we  all  whip  our  presentations  into  shape.               Noon-­‐  1:00pm     SBIR  101  /  Lunch           Errol  Arkilic     The  basics  of  the  SBIR  program  and  how  the  funding  process  works.             1:00  -­‐4:00pm   One-­‐on-­‐One  Practice  Pitches                     Oren  Jacob     Each  of  your  teams  will  each  get  a  chance  to  present.  I'm  the  audience.  No  grades,  just  notes.   Notes  about  what  you  are  missing,  what  you  should  take  out,  and  what  you  should  do  more  of  to   get  ready  for  Wednesday.               4:00  -­‐5:00pm   What’s  Next?                     Jon  Feiber  /  John  Burke     How  does  venture  capital  funding  work?  How  to  raise  money  from  a  VC?   I-­‐Corps  E245  Syllabus     Revision  18   page    17  of  17  
  18. 18. 11   Dec  14th    9:00  –  2:00pm     at  Stanford       Mackenzie  Room,  Huang  Engineering  Center     1-­2  minute  Videos  &  Lessons  Learned  Presentations     Deliverable:  Each  team  will  present  a  10  minute  “Lessons  Learned”  presentation  about  their   business  in  front  of  the  teaching  team  and  potential  investors.       I-­Corps  “Lessons  Learned”  Presentation  Format   Slide  1  –  Team  Name,  with  what  business  you  ended  up  in  and  number  of  customers  you  talked   to.     Slide  2  –  Team  members  –  name,  background,  expertise  and  your  role  for  the  team   Slide  3  –  key  NSF  funded  technology  and/or  innovation   Slide  4:  the  size  of  the  opportunity     Slide  4  -­‐    Business  Model  Canvas  Version  1  (use  the  Osterwalder  Canvas).   Slide  5  -­‐  So  here’s  what  we  did  (explain  how  you  got  out  of  the  building)   Slide  6  –  So  here’s  what  we  found  (what  was  reality)    so  then,  …   Slide  7    -­‐    Business  Model  Canvas  Version  2  (use  the  Osterwalder  Canvas).   We  iterated  or  pivoted…  explain  why  and  what  you  found.   Slide  8  -­‐  So  here’s  what  we  did  (explain  how  you  got  out  of  the  building)   Slide  9  –  So  here’s  what  we  found  (what  was  reality)    so  then,   Slide  10  -­‐    Business  Model  Canvas  Version  3  (use  the  Osterwalder  Canvas).   We  iterated  or  pivoted…  explain  why  and  what  you  found.   Etc….    Every  presentation  requires  at  least  three  Business  Model  Canvas  slides.         Side  n  –  “So  here’s  where  we  ended  up.”    Talk  about:   1. what  did  you  learn   2. whether  you  think  this  a  viable  business,     3. whether  you  want  to  purse  it  after  the  class,  etc.     Final  Slides  –  Click  through  each  one  of  your  business  model  canvas  slides.   I-­‐Corps  E245  Syllabus     Revision  18   page    18  of  18  
  19. 19. Teaching  Team   Tom  Byers  -­‐  Academic  Director,  Stanford  Technology  Ventures  Program   tbyers@stanford.edu       @tommybyers   650-­‐387-­‐8517     Steve  Blank  –  Lecturer,  Stanford  Technology  Ventures  Program   sblank@stanford.edu       @sgblank   415-­‐999-­‐9924     Jon  Feiber  –  General  Partner  Mohr  Davidow   Jdf@mdv.com   650-­‐302-­‐0011     Tina  Seelig  –  Executive  Director,  Stanford  Technology  Ventures  Program   tseelig@stanford.edu   @tseelig   650-­‐464-­‐7736     John  Burke  -­‐  General  Partner  True  Ventures   jburke@trueventures.com       @andemca   650-­‐319-­‐2150       I-­‐Corps  E245  Syllabus     Revision  18   page    19  of  19  
  20. 20.   Teaching  Assistants   Thomas  Haymore  –  Phd  Candidate,  Stanford  MS&E,  J.D.  Stanford  Law  School  2013   thaymore@stanford.edu       @tchaymore     512-­‐970-­‐0567     Stephanie  Rose  Glass     srglass@stanford.edu     Eve  Byer-­Young-­  Associate  Director,  Stanford  Center  for  Professional  Development   evebyeryoung@stanford.edu     I-­‐Corps  E245  Syllabus     Revision  18   page    20  of  20  
  21. 21.   Steve Blank After 21 years in 8 high technology companies, Steve retired in 1999. He co-founded my last company, E.piphany, in his living room in 1996. His other startups include two semiconductor companies, Zilog and MIPS Computers, a workstation company Convergent Technologies, a consulting stint for a graphics hardware/software spinout Pixar, a supercomputer firm, Ardent, a computer peripheral supplier, SuperMac, a military intelligence systems supplier, ESL and a video game company, Rocket Science Games. After he retired, Steve wrote a book about building early stage companies called Four Steps to the Epiphany. He moved from being an entrepreneur to teaching entrepreneurship to both undergraduate and graduate students at U.C. Berkeley, Stanford University and the Columbia University/Berkeley Joint Executive MBA program. In 2009, Steve was awarded the Stanford University Undergraduate Teaching Award in the department of Management Science and Engineering. In 2010, he was awarded the Earl F. Cheit Outstanding Teaching Award at U.C. Berkeley Haas School of Business. Steve followed his curiosity about why entrepreneurship blossomed in Silicon Valley and was stillborn elsewhere. It has led to several talks on The Secret History of Silicon Valley. In 2007 the Governor of California appointed Steve to serve on the California Coastal Commission, the public body which regulates land use and public access on the California coast. He’s on the board of Audubon California (and its past chair). In 2009 he joined the board of the California League of Conservation Voters (CLCV). Steve was the commencement speaker at Philadelphia University in 2011. Text of the speech is here. I-­‐Corps  E245  Syllabus     Revision  18   page    21  of  21  
  22. 22.     Jon Feiber   It was a chance meeting that brought Jon Feiber into the venture industry. Jon, then a vice president at Sun Microsystems, was considering leaving Sun for a startup. After a preliminary discussion about the startup at Mohr Davidow, he got an offer to join the firm. Today, he is among Mohr Davidow’s most senior partners and is responsible for many of the firm’s successful investments. Most of Jon’s investments harness emerging technology. “I like the intersection of emerging technology and big markets – geeky projects,” he admits. He began his career as a software programmer for mainframe maker Amdahl Corp. “I tend towards entrepreneurs who have real insight into hard problems and a sense of their need by customers.” Mohr Davidow, he believes, will remain one of the technology industry’s most successful investors because of its faith and commitment to entrepreneurs. “This firm has always been known for being direct and open in its relationships with entrepreneurs,” he explains. “Our enthusiasm for the entrepreneur is matched by depth of knowledge and experience in the areas that we choose to invest in.” “Being a venture capitalist is one of the greatest jobs you can have,” he continues. “I get to hang out with the smartest people in the world and help them turn their ideas into world class companies.” Jon holds a bachelor's degree in computer science and mathematics and astro-physics from the University of Colorado I-­‐Corps  E245  Syllabus     Revision  18   page    22  of  22  
  23. 23. John Burke John is a founder of True Ventures, with a passion in early stage investing and growing companies. For eight years, he lived through the balancing act of building his own company at BMI Software, which he founded in 1989 and sold in 1997. He began his venture career at ABS Ventures in 1999, working with Phil Black, and then, after the acquisition of Alex Brown and Sons by Deutsche Bank, continued on with DB Capital Partners. Before founding True, John was a Managing Member with Blacksmith Capital. He recently crossed an important threshold in his professional life: he has now been a venture capitalist longer than he was a CEO. However, like most life changing events, he can still remember the late nights dealing with HR issues, the relief of meeting payroll, and the satisfaction of delighting a customer. Having lived through the tough decisions required in entrepreneurship, John is now able to guide his portfolio companies through the difficult times with a deftness that only those years of operating experience bring. John holds a BS degree in Mechanical Engineering from U.C. Berkeley, a BA degree in Economics from U.C. Santa Cruz, and a MBA degree from Harvard Business School. When he is not thinking about how to create a more valuable company, you can probably find him bird hunting with his German Shorthair Pointer, teaching his kids to ski, or building furniture in his shop. I-­‐Corps  E245  Syllabus     Revision  18   page    23  of  23  
  24. 24. Alexander Osterwalder Alexander Osterwalder is an entrepreneur, speaker and business model innovator. He co-authored Business Mod  el Generation, a global bestseller (over 120,000 copies) on the topic of business model innovation. In the words of Fast Company Magazine in naming Alex's book one of the Best Books for Business Owners in 2010, "In Business Model Generation, Osterwalder encourages owners to plot out their business model using something he developed called the "business model canvas." It forces entrepreneurs to communicate their business model visually, which Osterwalder says sharpens their thinking and allows them to get what's in their head onto a canvas for others to see and contribute to. Once your vision has been exported from your head onto a canvas your employees helped to create, you'll have a business that can grow without you calling all the shots — which is the essence of a sellable company. This is by far the most innovative book on how to think about putting together a business." He holds a PhD from HEC Lausanne, Switzerland, and is a founding member of The Constellation, a global not-for-profit organization aiming to make HIV/AIDS and Malaria history. I-­‐Corps  E245  Syllabus     Revision  18   page    24  of  24  
  25. 25. Tina Seelig Tina Seelig is the Executive Director for the Stanford Technology Ventures Program (STVP), the entrepreneurship center at Stanford University's School of Engineering. STVP is dedicated to accelerating high-technology entrepreneurship education and creating scholarly research on technology-based firms. STVP provides students from all majors with the entrepr  eneurial skills needed to use innovations to solve major world problems. Tina teaches courses on creativity, innovation, and entrepreneurship in the department of Management Science and Engineering, and within the Hasso Plattner Institute of Design at Stanford. Tina was recently awarded the 2009 Gordon Prize from the National Academy of Engineering, recognizing her as a national leader in engineering education. She also received the 2008 National Olympus Innovation Award, and the 2005 Stanford Tau Beta Pi Award for Excellence in Undergraduate Teaching. In 2004, STVP was named the NASDAQ Entrepreneurship Center of the Year. Tina earned her Ph.D. from Stanford University Medical School in 1985 where she studied Neuroscience. She has worked as a management consultant for Booz, Allen, and Hamilton, as a multimedia producer at Compaq Computer Corporation, and was the founder of a multimedia company called BookBrowser. Tina has also written 15 popular science books and educational games. Her books include The Epicurean Laboratory and Incredible Edible Science, published by Scientific American; and a series of twelve games called Games for Your Brain, published by Chronicle Books. Her newest book, published by HarperCollins in Spring 2009, is titled What I Wish I Knew When I Was 20: A Crash Course on Making Your Place in the World. I-­‐Corps  E245  Syllabus     Revision  18   page    25  of  25  
  26. 26. Welcome to I-Corps 245 This  course  provides  real  world,  hands-­‐on  learning  on  what  it’s  like  to  actually  start  a  high-­‐tech   company.  This  class  is  not  about  how  to  write  a  research  paper,  business  plan  or  NSF  grant.  It’s   not  an  exercise  on  how  smart  you  are  in  a  lab  or  a  classroom,  or  how  well  you  use  the  research   library.  The  end  result  is  not  a  paper  to  be  published  or  PowerPoint  slide  deck. Instead  the  entire   team  will  be  getting  their  hands  dirty  talking  to  customers,  partners,  competitors,  as  you   encounter  the  chaos  and  uncertainty  of  how  to  commercialize  your  technology.       Getting  out  of  the  building  is  what  the  class  is  about.    It’s  not  about  the  lectures.    If  you  can’t   commit  the  time  to  talk  to  customers,  don’t  take  the  class   You’ll  work  in  teams  learning  how  to  turn  your  research  and  technology  idea  into  a  great   company.  You’ll  learn  how  to  use  a  business  model  to  brainstorm  each  part  of  a  company  and   customer  development  to  get  out  of  the  classroom  to  see  whether  anyone  other  than  you  would   want/use  your  product.  Finally,  you’ll  see  how  agile  development  can  help  you  rapidly  iterate   your  product  to  build  something  customers  will  use  and  buy.    Each  week  will  be  new  adventure   as  you  test  each  part  of  your  business  model  and  then  share  the  hard  earned  knowledge  with  the   rest  of  the  class.  Working  with  your  team  you  will  encounter  issues  on  how  to  build  and  work   with  a  team  and  we  will  help  you  understand  how  to  build  and  manage  the  startup  team.   Students ▪ I-Corps 245 is only open to NSF I-Corps students. ▪ We encourage the teams to recruit any and all resources to their teams. Non students can serve as extra members of the teams. ▪ Each team must have 3 I-Corps students. ▪ This is very intense class with a very high workload. We expect you to invest at least 5-10 hours per week. Attendance and Participation ▪ You cannot miss the first three classes at Stanford or the final presentations at Stanford ▪ If you anticipate missing more than one remote lecture, we recommend that you wait to apply to the I-Corps when you can commit the time. ▪ Getting out of the building is what the class is about. It’s not about the lectures. If you can’t commit the time to talk to customers, don’t take the class. I-­‐Corps  E245  Syllabus     Revision  18   page    26  of  26  

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